London, England, 27 May 2020 – Cain International, the privately held real estate investment firm operating in Europe and the United States, and its local development partner, White Star Real Estate, have agreed a new five-year lease with international pharmaceutical company, Aurovitas Pharma, at Fabryka PZO, an 18,000 sq m mixed-use scheme in Warsaw’s Praga district on the site of the former Polskie Zakłady Optyki factory.
Aurovitas Pharma has agreed a lease for 1,053 sq m of Grade A office accommodation and is due to take occupancy in May 2021. Due for completion in late 2020, PZO will offer 12,960 sq m of office accommodation, 2,100 sq m of fitness facilities and more than 1,000 sq m of retail space. Occupiers will also benefit from access to a two-level underground car park, an outdoor car park providing over 200 parking spaces, and amenities for cyclists. The residential part of the project, with 121 apartments, is to be delivered in the second quarter of 2021.
Aurovitas Pharma Poland is a subsidiary of Aurobindo, an Indian pharmaceutical company with annual revenue of circa $2bn and listed on the NSE and BSE in India.
Located in the dynamic Praga district of Warsaw, PZO is well situated to take advantage of public transport and is close to the Skaryszewski Park and Kamionkowskie Lake.
Liam Le Roux, Head of European Asset Management at Cain International, said: “To have secured Aurovitas as a tenant for the first office pre-let at PZO is a strong endorsement of the high-quality office space we have set out to create with White Star Real Estate. Now more than ever, we are all aware of the value and importance of spacious and well-designed offices and have already experienced strong interest in the remaining office space available at PZO ahead of practical completion later this year.”
Ewa Król, Aurovitas Pharma GM, said: “We are glad that the PZO Factory will become our new home. The most important factor for us in making this business-critical decision was the location; our current offices are located in Praga, so we are strongly associated with this part of Warsaw. We wanted a high-quality site that is easily accessible both by public transport and by car. At every stage of the rental process, White Star Real Estate provided us with the information we needed about the project and guaranteed us the standard of the finish, the quality of materials used and planned amenities would meet our expectations.”
Bartosz Prytuła, Managing Partner in White Star Real Estate, said: “We are extremely pleased that Aurovitas Pharma has chosen Fabryka PZO for its new headquarters. It is another important step for us in the leasing process and we continue to experience high levels of market interest in Fabryka PZO.”
White Star Real Estate is the leasing agent for Fabryka PZO. The tenant was represented by Colliers International.